London remains the global home for multi-millionaires and is even extending its lead over rivals like Tokyo, Singapore and New York, a new study has shown.
The number of residents in the city with net assets worth £23m or more increased in 2016 to 4,549, a growth of 3.4% from 4,400 one year prior.
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According to Verdict.co.uk and Wealth Insight, Britain’s capital even extended its lead over some of its closes rivals over the last year. Tokyo is now home to 3,611 multi-millionaires (increase by 2.2%), Singapore houses 3,213 (up by 3.1%), New York 3,093 (up by 2.1%) and Hong Kong has a total of 2,722 (down by 2.4%).
European metropoles Frankfurt and Paris made it in fifth and sixth spot with a multi-millionaire population of 1,953 and 1,540 respectively.
Oliver Williams, head of Wealth Insight, said:
“In the fourth year of this study we see London’s appeal undiminished to multi-millionaires both at home and abroad. Growth in the City’s economy has defied Brexit in creating new wealth and London draws ever more affluent individuals from overseas attracted by its friendly business laws, quality of life and all the services a multimillionaire could ever need.”
Another report published recently had a closer look into wealth in Britain and found that wealth in the UK has grown by 4.5% since the financial crisis 2008, from £8.5trillion to £11.5trillion.
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The report by wealth manager Kleinwort Hambros also found that the richest homeowners in Greater London have the most wealth in the country, averaging at £1.4m.
Paul Kearney, head of private banking at Kleinwort Hambros, said:
“London is a world-leading financial centre and home to many financial services providers, including the stock market, banks, asset managers and investment managers. With many of its inhabitants working in a successful and global financial services industry, it is clear to see why there has been strong house price inflation over the last few years and why property contributes significantly to the overall wealth of households in the area.”
